Fed finalizes guidelines for granting firms access to payment services

BY Reuters | ECONOMIC | 08/15/22 02:30 PM EDT

WASHINGTON, Aug 15 (Reuters) - The U.S. Federal Reserve announced on Monday it had finalized guidelines for how it would review requests by banks, fintechs and other firms to access the central bank's master accounts and payment systems.

The final product is substantially similar to earlier proposals the Fed floated in May 2021 and March, and would create a tiered review system that reserves the closest scrutiny to companies that lack federal deposit insurance and are not traditionally overseen by bank regulators. (Reporting by Pete Schroeder Editing by Chris Reese)

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